By 2012, all European Union countries began requiring the disclosure of large short positions. This regime change reduced short interest, bid-ask spreads, and the informativeness of prices. After specific disclosures, short-run abnormal returns are insignificantly negative, but 90-day cumulative abnormal returns are –5.23%.
The Great Recession of 2008 came with a counterintuitive twist – the unprecedented growth of minority-owned small businesses in the U.S. But although the data shows that the representation of minority firms in the small business ecosystem increased from 2007 to 2012 while the percentage of white-owned firms decreased, the larger question is whether those minority firms also made headway toward achieving equity or parity with white-owned businesses.
Except for relatively short but intense episodes of high market risk, average idiosyncratic risk (IR) falls steadily after 2000 until almost the end of our sample period in 2017. The decrease has been such that from 2012 to 2017 average IR was lower than any time since 1965.
A women-owned food hub for local pasture-raised meat farmers and an advisor for an energy and utility industry management consulting firm are the recipients of the 2019 UNC Sustainability Awards, presented Sept. 5 at the North Carolina Botanical Garden in Chapel Hill.
Companies today are looking to diversify their workforce – and one way in which they’re attracting more women is by providing generous paid maternity leave.
The Paycheck Protection Program kept small businesses from folding during the pandemic, but left many women and minority business owners empty-handed. How can we change things going forward?
On Thursday, April 8, Hershey Company Chairman of the Board, President and CEO Michele Buck joined UNC Kenan-Flagler Business School Dean Doug Shackelford for an exclusive virtual discussion. Buck discussed the challenges and opportunities of leading one of America's most-loved brands along with the effects of the COVID-19 pandemic on the food industry and barriers to leadership facing women today.
Three institute-associated experts provided analysis for the July 30 edition of WRAL-TV’s “On the Record” news program. In a segment on dwindling child care options in the Raleigh area, Director of Research Paige Ouimet talked about how child care access affects the ability of women to work.
This paper examines the differences in the behaviors of high (HIT) and low inventory turnover (LIT) retailers in responding to demand shocks. We identify quantity and price responsiveness as two mediating mechanisms that distinguish how high and low inventory turnover retailers manage demand shocks.
The aging of the boomer generation combined with increased longevity is ushering in a huge wave of older adults, a silver tsunami which will dramatically transform all of our nation’s social, economic, and political institutions.
We see six clear trends that Census 2010 will likely confirm with hard and reliable data. In this report, we describe these emergent trends and discuss their implications for business, consumer markets, and the nation’s competitiveness in the global marketplace via analyses of intercensal statistics and reviews of scholarly demographic research. Because the specific population shifts discussed here will dramatically transform all of the nation’s social, economic, and political institutions, we refer to them collectively as disruptive demographic trends—borrowing and broadening the application of a term coined by Massachusetts Institute of Technology Professor Joseph Coughlin.
Economic forecasting is a key ingredient of decision making both in the public and in the private sector. Because economic outcomes are the result of a vast, complex, dynamic and stochastic system, forecasting is very difficult and forecast errors are unavoidable. Because forecast precision and reliability can be enhanced by the use of proper econometric models and methods, this innovative book provides an overview of both theory and applications. Undergraduate and graduate students learning basic and advanced forecasting techniques will be able to build from strong foundations, and researchers in public and private institutions will have access to the most recent tools and insights
Using unique data on employee ownership plans sponsored by U.S. public companies, we find that large negative market shocks lead to active changes in portfolio choices among inexperienced and previously inattentive investors. We use employee ownership plans to identify a set of inexperienced investors who did not actively select to participate in the market and who are confronted with a difficult financial decision.
While much research indicates that organizational processes are learned from experiences, surprisingly little is known about what is actually learned. Using a novel method to measure explicit learning, we track the learned content of six technology-based ventures from three diverse countries as they internationalize. The emergent theoretical framework indicates that firms learn heuristics. These heuristics have a common structure centered on opportunity capture and are learned in a specific developmental order. This results in a deliberately small, yet increasingly strategic, portfolio of heuristics. Broadly, we contribute to the psychological foundations of strategy by highlighting the rationality of heuristics as strategy, capability creation as the cognitive transition from novice to expert heuristics, and simplification cycling as a critical dynamic capability for sustaining competitive advantage.
Designing modern call centers requires an understanding of callers’ patience and abandonment behavior. Using a Cox regression analysis, we show that callers’ abandonment behavior may differ based on their contact history, and changes across their different contacts.
Interested in learning more about the Kenan Scholars program? Join a panel of current Kenan Scholars as they discuss their experiences as a Kenan Scholar and what makes the program unique. The conversation will be held via Zoom and will include discussion around the application process, opportunities available for scholars and recommendations for those applying.
The Kenan Scholars program gathered virtually on Thursday, May 7 to honor its graduating seniors during the Senior Sendoff. This event provided the Kenan Scholars Class of 2020 the opportunity to reflect on their experiences, acknowledge fellow scholars and Kenan Institute staff who have made a positive impact, and be congratulated by students, faculty and staff for their achievements.
On Tuesday, March 29th, First Citizens Bank Vice Chairwoman Hope Bryant joined UNC Kenan-Flagler Business School Dean Doug Shackelford for a fireside chat. Bryant discussed the history of First Citizens Bank, the impacts of COVID-19 on the workforce and her experiences as a woman in a leadership position.
Each summer following their sophomore year, Kenan Scholars complete hands-on experiences that put their skills and knowledge to work for the public good. Join us virtually to see how Kenan Scholars are using business to change the world for the better!
The extent to which federal investment in research crowds out or decreases incentives for investment from other funding sources remains an open question. Scholarship on research funding has focused on the relationship between federal and industry or, more comprehensively, non-federal funding without disentangling the other sources of research support that include nonprofit organizations and state and local governments. This paper extends our understanding of academic research support by considering the relationships between federal and non-federal funding sources provided by the National Science Foundation Higher Education Research and Development Survey.